Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a difference in North Dakota. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of the policy to NDCF, to benefit a project or fund under our umbrella. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults. Gifting this policy to their school's endowment fund at NDCF would be a great way to honor them and enhance the education of future students.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
- If North Dakota Community Foundation retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If North Dakota Community Foundation cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to our organization so that we can use the proceeds to further our charitable work in North Dakota. You can designate the fund or funds at NDCF that you wish to benefit from your gift.
- The gift may be eligible for the North Dakota 40% Income Tax Credit. Ask us for details about this great giving incentive!
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include North Dakota Community Foundation as the beneficiary of your policy. Please make sure it is clear how you would like your gift used – you are welcome to call us at any time to discuss your charitable intentions.
Contact us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
If you have already named us as a beneficiary of your life insurance policy, thank you! Please let us know so we can make sure your gift is applied to the fund or project you intended.